To the Limit

In about a month, if nothing is done, the federal government will hit its legal debt limit. There will be dire consequences if this limit isn’t raised. At best, we’ll suffer an economic slowdown; at worst we’ll plunge back into the depths of the 2008-9 financial crisis.

So is a failure to raise the debt ceiling unthinkable? Not at all.

Many commentators remain complacent about the debt ceiling; the very gravity of the consequences if the ceiling isn’t raised, they say, ensures that in the end politicians will do what must be done. But this complacency misses two important facts about the situation: the extremism of the modern G.O.P., and the urgent need for President Obama to draw a line in the sand against further extortion.

In about a month, if nothing is done, the federal government will hit its legal debt limit. There will be dire consequences if this limit isn’t raised. At best, we’ll suffer an economic slowdown; at worst we’ll plunge back into the depths of the 2008-9 financial crisis.

So is a failure to raise the debt ceiling unthinkable? Not at all.

Many commentators remain complacent about the debt ceiling; the very gravity of the consequences if the ceiling isn’t raised, they say, ensures that in the end politicians will do what must be done. But this complacency misses two important facts about the situation: the extremism of the modern G.O.P., and the urgent need for President Obama to draw a line in the sand against further extortion.

Let’s talk about how we got here.

The sticking point is that liberals want to raise taxes. It is this extreme position that is threating this catastrophy. I for one don't want to pay any more taxes. I pay my fair share and then some. It is time for Obama and the rest of the liberals to realize that current levels of federal spending cannot be sustained.

Do you read all kinds of political sources?
Obama is supporting cuts in federal spending. He justs wants a balanced approach. Nothing extreme about his proposal.
He is trying to increase revenues in those areas where he thinks people can handle it.
He has cut your taxes over the last 3 years, but would like to bring taxes for the wealthy back to what they were
under Clinton, and cut subsidies to big oil, hedge funders, corporate jet use etc. I think thats extemely reasonable.